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Bargain hunting, growth prospects lift PLDT stock
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Shares drop on profit taking, lockdown concerns
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PHILIPPINE stocks closed in the red on Thursday after a three-day rally as investors booked gains and remained cautious due to the lack of an announcement about quarantine restrictions in Metro Manila and nearby provinces.
The Philippine Stock Exchange index (PSEi) fell by 106.54 points or 1.6% to close the week at 6,545.17, while the all shares index declined by 46.30 points or 1.14% to 3,998.64.
Financial markets are closed on Friday in observance of the Day of Valor.
“Investors booked gains out of its preceding three-day rally. Uncertainties over the quarantine measures to be implemented in the National Capital Region Plus after April 11 also weighed on investors’ sentiment,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
April 5, 2021 | 12:01 am Font Size
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THE uncertainty over the reimposed enhanced community quarantine (ECQ) in Metro Manila and nearby provinces Bulacan, Cavite, Laguna, and Rizal coupled with a surge in coronavirus disease 2019 (COVID-19) infections are anticipated to cloud investor sentiment this week.
The Philippine Stock Exchange index (PSEi) shaved off 102.46 points or 1.56% to 6,443.09 on Wednesday.
Week on week, the PSEi declined by 101.54 points from its 6,544.63 close on March 26.
Trading was cut short as the country observed Holy Week, prompting the market to close on Thursday and Friday.
“Next week, we still see a downward bias for the local market as our COVID-19 situation continues to worsen,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message on Saturday.
Monde Nissin IPO seen to gain traction on strong fundamentals, consumption-driven economy
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